1. My Financial Literacy Research Report

2.  Financial Literacy refers to money, and matters, where large sums are involved and when you are able to read or write.  Financial Literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allows an individual to make informed an effective decisions through their understanding finances.  Source: Webster’s New World College Dictionary  Source: http://en.wikipedia.org/wiki/Financial_literacy http://en.wikipedia.org/wiki/Financial_literacy

4.  In a test to see if one is financially literate, I was one of the 10% of people who did well on the test.  Also, being financially literate means that you understand the importance of keeping a budget and this module will help you learn how to make a budget to gain control of your life.  Source: http://www.rand.org/labor/centers/financial- literacy/widgets/financial-knowledge-test.html http://www.rand.org/labor/centers/financial- literacy/widgets/financial-knowledge-test.html  Source: http://bluworld.org/learning- center/financial-literacy/did-you-know/

6.  In South Carolina a key building block to financial capability is the extent to which households build savings. In South Carolina, 22% of individuals reported that over the past year, their household spent more than their income (not including the purchase of a new home, car or other big investment). Individuals who are not balancing monthly income and expenses are not saving, and thus may find themselves struggling to make ends meet.  Source: http://usfinancialcapability.org/http://usfinancialcapability.org/

8.  We have done a comparison of financial literacy across eight countries (the US, Italy, Germany, the Netherlands, Sweden, Russia, Japan, and New Zealand). In a nutshell, the world is flat in terms of financial literacy!  Source: http://annalusardi.blogspot.com/2011/08/te n-quiestions-and-things-to-know-about.html http://annalusardi.blogspot.com/2011/08/te n-quiestions-and-things-to-know-about.html

10.  There are costs of being financially literate. Studies show that those who have low financial literacy are less likely to take advantage of the opportunities offered by financial markets (for example, refraining mortgages when interest rates go down or getting higher returns by investing in stocks and bonds), are less likely to have problems with debt and to pay higher borrowing costs.  Source: http://annalusardi.blogspot.com/2011/08/ten- questions-and-things-to-know-about.html http://annalusardi.blogspot.com/2011/08/ten- questions-and-things-to-know-about.html

11.  1) Have a better understanding of financial and banking products.  2) Be more prepared to pursue your financial goals.  3) Take control of your money.  4) Improve your saving skills.  5) Be more prepared for unforeseen situations.  Source: http://financialliteracycaribbean.com/why_ be_financially_literate/ http://financialliteracycaribbean.com/why_ be_financially_literate/

12.  You can go to the Official CASHFLOW Club meets in your area and you can buy a book called Rich Dad Poor Dad by Robert Kiyosaki. Who is said to be the best selling author of all time, in the financial literacy genre of course!  Source: http://www.meetup.com/Official- Rich-Dad-CASHFLOW-Club-London/http://www.meetup.com/Official- Rich-Dad-CASHFLOW-Club-London/

14.  You can play games that will help your financial literacy skills increase. There are many games like: Refund Cash, Celebrity Calamity Mobile, Groove Nation, Farmblitz, and Bite Nightclub.  Source: http://financalentertainmeant.org/http://financalentertainmeant.org/

16.  To be financially literate, one must be able to confidently read, analyze, and manage their personal finances to lead more secure and satisfying lives.  The Financial Literacy Promotion Project provides an opportunity for chapter members to demonstrate their knowledge and understanding of financial literacy, to engage in activity(s) that clarify and enhance understanding of financial literacy, to plan and implement a presentation or activity(s) to educate and promote financial literacy to organized groups and/or the general public.  Source: http://www.deca.org/_docs/conferences- competitions/DECA_FLPP_Guidelines.pdfhttp://www.deca.org/_docs/conferences- competitions/DECA_FLPP_Guidelines.pdf

18.  Both President Bush and President Obama have been supporters of financial literacy, via, for example, the President’s Advisory Council on Financial Literacy.  Ray Lewis, a 12 time Pro Bowl player for the Ravens, supports financial literacy.  Source: http://www.treasury.gov/resource- center/financial-education/Pages/Advisory.aspxhttp://www.treasury.gov/resource- center/financial-education/Pages/Advisory.aspx  Source: http://articles.nydailynews.com/2011- 04-29/sports/29510296_1_ray-lewis-uaf- financial-literacyhttp://articles.nydailynews.com/2011- 04-29/sports/29510296_1_ray-lewis-uaf- financial-literacy

20.  Yes, there are many. One important initiative is that the OECD (Organization for Economic Cooperation and Development). Starting in 2012, the OECD’s Program for International Student Assessment (PISA) will measure financial literacy among 15-year-olds in 19 countries.  Source: http://annalusardi.blogspot.com/2001/08/te n-questions-and-things-to-know-about.html http://annalusardi.blogspot.com/2001/08/te n-questions-and-things-to-know-about.html

22.  A business plan is important because it summarizes both your vision for the company and your blueprint for the company’s operating success. The business plan is a written guide that details the start-up and the future direction of your company. The one to write a business plan is the entrepreneur. No one else knows your business idea and goals better. Yes, there are services that can do the work for you. However, you must present this business idea to bankers or other investors. Therefore, it is best if you are very familiar and comfortable with the plan.business plan  Source: http://articles.bplans.com/starting-a- business/top-15-startupquestions-from-score/205http://articles.bplans.com/starting-a- business/top-15-startupquestions-from-score/205

24.  In order to determine how much seed money you will need, you must estimate the costs of your business for at least the first several months. Every business is different, and has its own specific cash needs at different stages of development, so there is no universal method for estimating your startup costs. Some businesses can be started on a shoestring budget, while others may require considerable investment in inventory or equipment. It is vitally important to know that you will have enough money to launch your business venture.  Source: https://smallbusiness.dnb.com/business- planning-structures/starting-a-business/661-1.htmlhttps://smallbusiness.dnb.com/business- planning-structures/starting-a-business/661-1.html

26.  Some markets are highly competitive, while others are a lot less so. A good example of a competitive market in which there are many buyers and sellers is that of Internet booksellers. Because there are so many firms selling identical products then the price of these books will be highly similar. This competition helps to drive down the profit that such firms can make. Competition occurs when two or more organizations act independently to supply their products to the same group of consumers.  Read more: http://businesscasestudies.co.uk/business- theory/marketing/how-businesses-are-affected-by- competition.html#ixzz1tWh3mAD7 http://businesscasestudies.co.uk/business- theory/marketing/how-businesses-are-affected-by- competition.html#ixzz1tWh3mAD7

28.  A marketing plan is one of the major things needed in a business. Eight key components of a marketing plan are: 1) Situation Analysis, 2) Executive Summary, 3) Situational Analysis, 4) Competitor and Issue Analysis, 5) Marketing Objectives to include your Marketing Strategy: Product, Price, Promotion, Place, 6) Action Programs: What, When, Who, 7) Budget, 8) Supporting Documents.  Source: http://www.americasbestcompanies.com/sbc/ kb/question/26 http://www.americasbestcompanies.com/sbc/ kb/question/26

30.  There are A LOT of websites on the following question, but I chose the website below: http://www.businesslink.gov.uk/bdotg/action/detail? itemId=1087351667&type=CAMPAIGN http://www.businesslink.gov.uk/bdotg/action/detail? itemId=1087351667&type=CAMPAIGN  Information: Business Link is government's online resource for businesses. It contains essential information, support and services for you and your business – whether you work for a large organization or are on your way to starting up. Simple to use, up to date and practical, Business Link is the first place to go to find guidance on regulations and to access government services. It also has a number of useful online tools, calculators, and best practice case studies; and provides access to funding options, as well as wider support.

32.  Webster's Dictionary  Library  Internet